Trump's Pro-Crypto Stance and $133M Support Boost Bitcoin Value

Nov 17, 2024, 04:05 PM

Following Donald Trump's victory in the 2024 U.S. election, Bitcoin has experienced a significant surge in value, driven by expectations of a pro-crypto policy environment under his administration. Trump has pledged to make the U.S. the 'crypto capital of the planet' and has suggested creating a 'strategic reserve' of Bitcoin. The crypto industry has rallied behind Trump, contributing $133 million to federal elections, making up nearly half of all corporate contributions this cycle. This support has been in hopes of securing a regulatory environment favorable to cryptocurrencies. However, the initial bullish frenzy has subsided, with Bitcoin experiencing its biggest two-day retreat since the election, as markets assess the potential impact of Trump's policy agenda.